SECP issues proposal for amendments in NBFC regulations

February 9, 2021

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The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the Regulations of Non-Bank Financial Companies (NBFC) and Notified Organizations, 2008.

The proposed amendments, which focus on training, disciplining and controlling sales staff of non-bank financial companies, have been posted on the SECP’s website, according to a statement released Monday.

Meanwhile, the SECP registered 2,201 new companies in January, bringing the total number of registered companies to 134,797.

“The newly established SECP Business Center in Islamabad posted 24 percent growth with 837 new companies registered in January, the highest ever registered individual company registration office (CRO),” the press release said. on Monday.

Of the total number of new companies, 98 companies were registered online, and almost 30 percent of candidates completed the registration process on the same day.

About 69 percent of companies are registered as private limited liability companies, and 28 percent are registered as sole proprietorships. Likewise, three percent were listed as public unlisted companies, non-profit associations, foreign companies and limited liability partnerships (LLPs). ”

In a month, up to 66 foreign users completed registration from abroad.

The first five sectors in January included Trading and commerce with 314 companies, information technology with 269, construction 227, services and related services 188 and e-commerce with 79 companies, while 1,124 companies were registered in other sectors. Foreign investment is reported to have come in 44 new companies from Sweden, China, South Africa, Malaysia, Norway, the Netherlands, Turkey, the United Kingdom and the United States.